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Spotify tops 20 million subscribers

Spotify tops 20 million subscribers

Two days after Apple formally entered the streaming music market, key player Spotify announced it doubled the number of paid users of its service over the past year. In a statement released Wednesday, Spotify says it now hosts 20 million subscribers, up from 10 million in May 2014. The company also nearly doubled its number of active users — from 40 million last year to 75 million.

Meanwhile, a report from The Wall Street Journal says Spotify closed a round of funding worth $526 million, which would value the streaming service at $8.5 billion.

Spotify’s fast growth comes as a major competitor enters the fray: Apple. On Monday, the company unveiled its Apple Music service, which launches June 30. It will be available for $9.99 a month, or via family plan featuring up to six accounts for $14.99. Last month, Spotify announced it would incorporate streaming video and podcasts.